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Global Luxury Watch Market Share, Size, Growth, Report, Trends, Forecast: By Product: Electronic, Mechanical; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Luxury Watch Market Outlook
The global luxury watch market size reached a value of approximately USD 47.83 billion in 2023. The market is further expected to grow at a CAGR of 4.90% between 2024 and 2032, reaching a value of USD 73.62 billion by 2032.
Key Trends in the Market
A luxury watch is a watch that has a premium price and high-quality and premium materials. They can also come with advanced and complex dials and are quite often handmade which brings authenticity and originality to the watch. Manufacturers of luxury watches ensure that the watch is made with utmost attention to give quality and performance for a premium product.
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- The luxury watch market growth is expected to be supported by the increase in the number of consumers inclining towards luxury watches. Due to precise craftmanship and style, more consumers are purchasing luxury watches, particularly from limited collection. To maintain exclusive and high-quality watches, many luxuries watch brands have limited stock per year which also drives the customer base.
- Customised watches are another trend which is driving the market for luxury watches. Personalised dials, engravings, custom straps add value to the watches and provide a unique look which is attracting many customers globally. Rising popularity of gifting such customised luxury watches is also helping the growth of the market for luxury watches.
- Couple luxury watches is also one of the luxury watch market trends, being supported by the production of matching couples watches by market key players. Similar looking couples watches are preferred by many couples and can come at a discount in comparison to buying two luxury watches separately, further increasing their appeal.
Global Luxury Watch Market Analysis
Based on product, the market is segmented into electronic and mechanical. On the basis of distribution channel, the luxury watch market segmentation is offline and online. The regional markets for the luxury watches are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global luxury watch market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ROLEX SA.
- The Swatch Group Ltd
- Audemars Piguet Holding SA
- Fossil Group, Inc.
- Citizen Watch Company Of America, Inc.
- Seiko Watch Corporation
- Compagnie Financiere Richemont SA
- LVMH Group
- Movado Group Inc.
- Ralph Lauren Corporation
- Others
Global Luxury Watch Market Share by Product
Electronic luxury watches accounts for a larger share of the luxury watch global market, fuelled by the growing demand for electronic watches overall. More consumers are investing in electronic luxury watches that are equipped with additional features and functionalities such as monitoring of heart rates, multi-sport tracking, sleep tracking, phone integration, and GPS capabilities. Meanwhile, mechanical luxury watches are projected to witness rapid growth in the coming years, supported by the popularity of mechanical luxury watches as a style statement, increasing the overall luxury watch market demand.
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Global Luxury Watch Market Share by Distribution Channel
Online distribution channels account for a sizable share of the market for luxury watches due to the increased convenience and accessibility it provides customers. In online shopping, customers can compare prices online and buy whichever suits them best, choosing from a wide variety of models. Furthermore, offline luxury watches brand outlets tend to be limited and concentrated in major locations, resulted in a limited reach. Through online distribution channels, customers can purchase luxury watches even without being in proximity to an offline store.
Competitive Landscape
Rolex SA is a Swiss watch designer and manufacturer which has its headquarters in Geneva, Switzerland. Founded in 1905, Rolex SA crafts their watches with finest raw materials and have details made with quality designs.
The Swatch Group Ltd is a Swiss manufacturer of watches and jewellery, founded in 1983 and headquartered in Bienne, Switzerland. They design and sell finished watches, jewellery, watch movement and other components, as well as electronic systems for watchmaking.
Fossil Group Inc., established in 1984 and based in Texas, United States, designs, distributes, markets fashion accessories. The company manufactures and sells products like traditional and smart watches, handbags, jewellery, finest leather goods, and more.
Other market player includes Audemars Piguet Holding SA, Citizen Watch Company Of America, Inc., Seiko Watch Corporation, Compagnie Financiere Richemont SA, LVMH Group, Movado Group Inc., and Ralph Lauren Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Luxury Watch Market Analysis
8.1 Key Industry Highlights
8.2 Global Luxury Watch Historical Market (2018-2023)
8.3 Global Luxury Watch Market Forecast (2024-2032)
8.4 Global Luxury Watch Market by Product
8.4.1 Electronic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Mechanical
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Luxury Watch Market by Distribution Channel
8.5.1 Offline
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Online
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Luxury Watch Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Luxury Watch Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Luxury Watch Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Luxury Watch Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Luxury Watch Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Luxury Watch Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ROLEX SA.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 The Swatch Group Ltd
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Audemars Piguet Holding SA
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Fossil Group, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Citizen Watch Company Of America, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Seiko Watch Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Compagnie Financiere Richemont SA
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 LVMH Group
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Movado Group Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Ralph Lauren Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Watch Market: Key Industry Highlights, 2018 and 2032
2. Global Luxury Watch Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Luxury Watch Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Luxury Watch Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
5. Global Luxury Watch Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
6. Global Luxury Watch Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Luxury Watch Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Luxury Watch Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Luxury Watch Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Luxury Watch Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Luxury Watch Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Luxury Watch Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Luxury Watch Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Luxury Watch Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Luxury Watch Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Luxury Watch Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Luxury Watch Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Luxury Watch Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 47.83 billion.
The market is expected to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 73.62 billion by 2032.
Rising demand for luxury products, increasing disposable income, and surge in the online sales of luxury watches are major market drivers.
The key trends of the market include increasing attention to limited edition watches, growing inclination towards customised watches, increasing reach of luxury brands, and rising popularity of couples watches.
The different products of luxury watches in the market are electronic and mechanical.
The primary distribution channels of luxury watches are offline and online.
The key players in luxury watches market are ROLEX SA., The Swatch Group Ltd, Audemars Piguet Holding SA, Fossil Group, Inc., Citizen Watch Company Of America, Inc., Seiko Watch Corporation, Compagnie Financiere Richemont SA, LVMH Group, Movado Group Inc., and Ralph Lauren Corporation, among others.
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